随着市场集会，比特币（BTC）的价格超过$ 10万美元

2025年5月9日，加密货币市场举行了强烈的集会，比特币（BTC）自一月以来首次损失了103,000美元。

May 9, 2025 saw the crypto market experience a strong rally. Bitcoin (BTC) price surged past $103,000 to hit the highest level since January, while Ethereum (ETH) and many altcoins also posted impressive gains.

2025年5月9日，加密货币市场经历了强烈的集会。比特币（BTC）的价格飙升了103,000美元以来达到了1月以来的最高水平，而以太坊（ETH）和许多AltCoins也张贴了令人印象深刻的收益。

The total global crypto market capitalization rose above $3.22 trillion, while the Fear & Greed Index climbed from 48 (neutral) to 63 (greed) in just three days. According to Santiment, the number of retail wallets buying BTC and ETH has increased sharply since the beginning of the week.

全球加密货币市值总计上涨了32.22万亿美元，而恐惧和贪婪指数在短短三天内从48（中性）上升到63（贪婪）。根据Santiment的说法，自本周初以来，购买BTC和ETH的零售钱包数量急剧增加。

What’s driving this impressive recovery?

是什么推动了令人印象深刻的康复？

Source: Alternative.me

资料来源：替代

Rise In Rate Cuts Sentiment

降低费用情绪

U.S. jobless claims data on May 8 showed a slight decline to 228,000 filings, down from 241,000 the previous week. The earlier spike was largely attributed to seasonal factors in New York State and is not necessarily indicative of a broader trend in layoffs.

5月8日，美国失业者索赔数据显示出略有下降到228,000档案，低于上周的241,000。较早的尖峰主要归因于纽约州的季节性因素，不一定表明裁员的趋势更广泛。

However, investors are still concerned about the health of the U.S. economy, and they are interpreting the Fed’s decision to keep rates steady at 4.25%–4.50% as a sign that the central bank is considering the risks of recession.

但是，投资者仍然关注美国经济的健康状况，他们正在解释美联储将利率保持在4.25％–4.4.50％的决定，以表明央行正在考虑衰退的风险。

As a result, expectations of rate cuts in Q3 2025 are continuing to support risk assets, including cryptocurrencies.

结果，第三季度2025年降低率的期望继续支持风险资产，包括加密货币。

Source: CME Groups

资料来源：CME组

The 10-year U.S. Treasury yield fell to 4.38%, and the DXY index (which measures the strength of the U.S. dollar) dropped to a three-week low, signaling a shift in capital toward speculative assets.

美国10年的美国财政收益率降至4.38％，DXY指数（衡量美元的强度）下降到三周低点，表明资本转移向投机资产。

Another key factor is the growing concern over stagflation—a scenario in which economic growth slows while inflation remains high, prompting investors to seek store-of-value assets like Bitcoin.

另一个关键因素是对滞水的关注日益加剧 - 这种情况在这种情况下，经济增长速度放缓而通货膨胀率仍然很高，促使投资者寻求像比特币这样的价值存储资产。

With the Fed holding rates and offering no clear guidance on cuts in June, markets are increasingly pricing in a more dovish monetary stance in the quarters ahead. In this environment, Bitcoin, often referred to as “digital gold,” is emerging as a compelling hedge, especially as the dollar weakens and macro uncertainty rises.

由于美联储的持有税率和6月份的削减局面没有明确的指导，因此市场越来越多地以更糟糕的货币立场定价。在这种环境下，通常被称为“数字黄金”的比特币正在成为一种引人注目的树篱，尤其是当美元削弱和宏观不确定性上升时。

Strong Inflows Into Bitcoin ETFs: A Key Catalyst

强大的流入比特币ETF：关键催化剂

The first week of May 2025 saw strong inflows into U.S.-listed Bitcoin ETFs, highlighting the increasing interest from institutional investors in digital assets.

2025年5月的第一周，大量的流入了美国上市的比特币ETF，强调了机构投资者对数字资产的兴趣日益增长的兴趣。

On May 8, 2025, alone, total inflows into Bitcoin ETFs reached $117.4 million, with:

仅2025年5月8日，仅全部流入比特币ETF的总额达到1.174亿美元，其中：

Over the past three weeks, Bitcoin ETFs have attracted more than $5.3 billion in cumulative inflows, showcasing a surge in demand from traditional investors.

在过去的三周中，比特币ETF吸引了超过53亿美元的累积流入，展示了传统投资者的需求激增。

It is noteworthy that since the start of 2025, IBIT has surpassed the SPDR Gold Shares (GLD) in net inflows, with over $6.96 billion, signaling a shift from gold to Bitcoin as a preferred store-of-value asset.

值得注意的是，自2025年初以来，IBIT已超过SPDR Gold股票（GLD）的净流入，超过69.6亿美元，这表明从黄金转移到比特币是价值储备资产的首选。

Source: CoinGlass

资料来源：小店

Ethereum ETF Hopes and Pectra Upgrade

以太坊ETF希望并升级Pectra

Ethereum has experienced a remarkable rally of nearly 20% over the past seven days. This surge can be primarily attributed to two key catalysts: the successful rollout of the Pectra upgrade on May 7, which improves network performance and streamlines staking, and speculation that the SEC may approve one or more spot Ethereum ETFs ahead of the May 23 deadline.

在过去的七天中，以太坊经历了近20％的突出集会。这次激增主要归因于两个关键催化剂：5月7日Pectra升级的成功推出，这改善了网络性能和精简的呈现，并猜测SEC可能会在5月23日截止日期之前批准一个或多个现场以太坊ETF。

The Pectra upgrade not only enhances the transaction experience and scalability of the Ethereum network but also modifies the staking parameters, making it potentially easier for retail investors to engage in ETH staking—a factor that could drive demand for long-term holding.

Pectra升级不仅可以增强以太坊网络的交易经验和可扩展性，而且还可以修改订婚参数，从而使零售投资者更容易从事ETH Stage Katiking，这是一种可以推动长期持有需求的因素。

According to BeaconChain, over 400,000 ETH have been added to staking in the three days since the upgrade, signaling the largest spike since January 2024.

根据Beaconchain的说法，自升级以来的三天内，已经增加了40万ETH，这表明自2024年1月以来最大的尖峰。

Number of Ethereum validator after Pectra – Source: Beaconcha

Pectra之后的以太坊验证器数量 - 来源：Beaconcha

Additionally, Bloomberg reports that the SEC held several closed-door meetings with ETF issuers last week, sparking speculation of a potentially favorable surprise decision—much like the swift approval of spot Bitcoin ETFs earlier this year.

此外，彭博社报告说，SEC上周与ETF发行人举行了几次闭门会议，引发了人们对潜在有利的惊喜决定的猜测，就像今年早些时候迅速认可了现货比特币ETF。

U.S.–U.K. Trade Deal Hopes Boost Risk Sentiment

美国贸易协议希望提高风险情绪

Amid ongoing global geopolitical uncertainty, a new statement by President Donald Trump has helped lift market sentiment. Trump announced that the U.S. is preparing to unveil a major trade deal with a “very respected” country, which analysts widely interpret to be the United Kingdom.

在持续的全球地缘政治不确定性中，唐纳德·特朗普总统的新声明有助于提高市场情绪。特朗普宣布，美国正准备与“非常受人尊敬的”国家建立一项重大贸易协定，该协议被广泛解释为英国。

Markets quickly took this as a signal that the U.S. may be softening its trade stance, potentially easing tensions with key partners after a prolonged period of tariffs and protectionist policies.

市场很快将其视为一种信号，表明美国可能正在软化其贸易立场，这可能会在延长关税和贸易保护主义政策之后与主要合作伙伴的紧张局势缓解紧张局势。

“PRESIDENT TRUMP: "I will be having a major TRADE DEAL announced tomorrow morning in the Oval Office at 10:00 o'clock. A big, and highly respected country will be joining us. Great news for the U.S. and for the

“特朗普总统：”明天早上10:00，我将在明天早上在椭圆形办公室宣布一项重大贸易协议。一个大而受人尊敬的国家将加入我们。美国和美国的好消息